Bosses taking on debt to save jobs

Wed, 11 Apr 2012

Managers of small businesses throughout the UK are taking on in an attempt to keep members of staff in a job.

This is according to new research from More Than, which found bosses of this type are going to great lengths to protect their workers.

It was demonstrated that one-in-ten of those surveyed have remortgaged their homes in a bid to keep up wage payments rather than be forced to lay people off.

In addition, 35 per cent of respondents claimed they have taken considerable pay cuts in the last half-decade, with 70 per cent of these risking further troubles by reducing their by as much as half.

Janet Connor, managing director of More Than, said it is right that business owners should care about the bottom line.

Ms Connor stated: "It's sad that so many small business owners have had to remortgage their homes and take hefty pay cuts, but at the same time it shows real compassion on their part."

As well as personal financial sacrifices, the findings revealed many companies are looking to move to smaller premises and reduce prices.
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